HomeMy WebLinkAboutItem 19 Extending the Intergovernmental Agreement (IGA) Between City and the Springfield Economic Development Agency (SEDA) to Advance and Repay Funds Needed for Urban Renewal Projects AGENDA ITEM SUMMARY Meeting Date: 6/20/2016
Meeting Type: Regular Meeting
Staff Contact/Dept.: Bob Duey/Finance Staff Phone No: 541-726-3740
Estimated Time: 10 Minutes
S P R I N G F I E L D C I T Y C O U N C I L Council Goals: Community and Economic Development
and Revitalization ITEM TITLE: EXTENDING THE INTERGOVERNMENTAL AGREEMENT (IGA)
BETWEEN CITY AND THE SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY (SEDA) TO ADVANCE AND REPAY FUNDS NEEDED FOR
URBAN RENEWAL PROJECTS
ACTION REQUESTED: Approve/Not Approve the following resolution: A RESOLUTION APPROVING EXTENSION OF AN INTERGOVERNMENTAL AGREEMENT TO ADVANCE
$1.5 MILLION TO THE SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY (SEDA) FOR COSTS OF URBAN RENEWAL PROJECTS
ISSUE
STATEMENT:
SEDA and the City have had two previous three-year IGAs to advance and repay
funds and to cooperate on urban renewal plans for Glenwood and Downtown plan areas. The existing IGA was effective through FY2014. SEDA has previously
approved the IGA at its June 13, 2016 meeting. The funding agreement provides for
both the Glenwood and Downtown Urban Renewal Plans.
ATTACHMENTS: 1. Intergovernmental Agreement to Advance and Repay Funds Needed for Urban
Renewal Projects 2. Resolution
DISCUSSION/
FINANCIAL IMPACT:
The IGA covers possible SEDA requests for up to $1.5 million in funding for
projects and the subsequent repayments. The IGA renews the existing agreement and maintains the current operational status quo between SEDA and the City. The
renewal is consistent with the Urban Renewal Plans for both Urban Renewal
Districts.
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